MIRA
INFORM REPORT
|
Report Date : |
16.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
UPC TECHNOLOGY CORPORATION |
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Registered Office : |
9F, Building A, No. 209, Section 1, NanGang Road, NanGang District, Taipei, 115 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
14.08.1976 |
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Legal Form : |
Public Independent |
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Line of Business : |
Subject is engaged in the manufacture and distribution of
chemical products. |
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No. of Employees : |
1381 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
---- |
NB |
New Business |
---- |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
TAIWAN - ECONOMIC
OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing government guidance of investment and foreign trade. Exports, led by electronics, machinery, and petrochemicals have provided the primary impetus for economic development. This heavy dependence on exports exposes the economy to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.8%, due primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%, as exports returned to the level of previous years, and in 2011, grew 4.0%. In 2012, however, growth fell to 1.3%, because of softening global demand. Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are major long-term challenges. Free trade agreements have proliferated in East Asia over the past several years, but except for the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has been excluded from this greater economic integration in part because of its diplomatic status. Negotiations continue on such follow-on components of ECFA regarding trade in goods and services. The MA administration has said that the ECFA will serve as a stepping stone toward trade pacts with other key trade partners, which Taiwan subsequently launched with Singapore and New Zealand. Taiwan's Total Fertility rate of just over one child per woman is among the lowest in the world, raising the prospect of future labor shortages, falling domestic demand, and declining tax revenues. Taiwan's population is aging quickly, with the number of people over 65 accounting for 11.2% of the island's total population as of 2012. The island runs a large trade surplus largely because of its surplus with China, and its foreign reserves are the world's fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China overtook the US to become Taiwan's second-largest source of imports after Japan. China is also the island's number one destination for foreign direct investment. Three financial memorandums of understanding, covering banking, securities, and insurance, took effect in mid-January 2010, opening the island to greater investments from the mainland's financial firms and institutional investors, and providing new opportunities for Taiwan financial firms to operate in China. In August 2012, Taiwan Central Bank signed a memorandum of understanding on cross-Strait currency settlement with its Chinese counterpart. The MOU allows for the direct settlement of Chinese RMB and the New Taiwan dollar across the Strait, which could help develop Taiwan into a local RMB hub. Closer economic links with the mainland bring greater opportunities for the Taiwan economy, but also poses new challenges as the island becomes more economically dependent on China while political differences remain unresolved.
Source
: CIA
Company name & address
UPC TECHNOLOGY CORPORATION
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Business Description
|
UPC TECHNOLOGY CORPORATION is principally engaged in the
manufacture and distribution of chemical products. The Company’s products
include phthalic anhydride (PA), plasticizers, maleic anhydride (MA),
diisononyl phthalate (DINP), diisodecyl phthalate (DIDP), fumaric acid (FA),
unsaturated polyester resin (UPR), polyethylene, polyols, epoxy resins and
stabilizers, among others. Its products are mainly applied in the manufacture
of resins, paints, pigments, inks, feedstuff additives, lubricants, synthetic
rubber products and cosmetics, among others. The Company distributes its
products within domestic market and to overseas markets. For the six months
ended 30 June 2013, UPC Technology Corporation revenues increased 4% to
NT$25.22B. Net income decreased 65% to NT$157.6M. Revenues reflect Other
Operating Revenue increase of 27% to NT$102M. Net income was offset by
Interest Income decrease of 27% to NT$125.7M (income), Miscellaneous
Disbursements increase of 74% to NT$47.4M (expense), G/L on Equity Investment
decrease from NT$2.7M (income) to NT$7.8M (expense). |
Industry
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
2865 -
Cyclic Organic Crudes and Intermediates, and organic Dyes and Pigments |
Key Executives
|
Name |
Title |
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Chairman of the Board, Chief Executive Officer |
|
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Chief Financial Officer, Deputy General Manager |
|
|
Manager |
|
|
Matthew Miau |
Chairman |
|
Michael M K Chu |
Manager |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
1 |
9-Aug-2013 |
||
|
1 |
UPC
Technology Corp Announces Cooperation with BASF PETRONAS CHEMICALS SDN. BHD |
10-Sep-2013 |
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3 |
12-Aug-2013 |
* number of significant developments within the last 12 months
News
|
Title |
Date |
|
RESEARCH
AND MARKETS : Phthalic Anhydride Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2013 - 2019 |
31-Oct-2013 |
|
Phthalic
Anhydride Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast 2013 - 2019 |
31-Oct-2013 |
|
Global
Phthalic Anhydride Market Is Expected to Reach USD 9.58 Billion by 2019:
Transparency Market Research |
23-Oct-2013 |
|
Phthalic
Anhydride Market for Phthalate Plasticizers, Unsaturated Polyester Resins
(UPRs), Alkyd Resins and Other Applications - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2013 - 2019 |
22-Oct-2013 |
|
New UPC
technology facilitates transition to 1Gbps Wi-Fi data transfer rates |
19-Aug-2013 |
|
UPC
Technology Corp Receives Fines |
9-Aug-2013 |
Financial Summary
As of 30-Jun-2013
|
Key Ratios |
Company |
Industry |
|
Current Ratio (MRQ) |
1.30 |
2.18 |
|
Quick Ratio (MRQ) |
0.97 |
1.35 |
|
Debt to Equity (MRQ) |
1.21 |
0.82 |
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Sales 5 Year Growth |
8.90 |
6.26 |
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Net Profit Margin (TTM) % |
1.78 |
10.56 |
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Return on Assets (TTM) % |
2.05 |
8.26 |
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Return on Equity (TTM) % |
5.15 |
22.07 |
Stock Snapshot
Traded: Taiwan Stock Exchange: 1313
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As of 1-Nov-2013
Financials in: TWD |
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1 - Profit & Loss Item Exchange Rate: USD
1 = TWD 29.57962
2 - Balance Sheet Item Exchange Rate: USD 1 =
TWD 29.012
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ANZSIC 2006 Codes: |
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1812 |
- |
Basic Organic Chemical Manufacturing |
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1829 |
- |
Other Basic Polymer Manufacturing |
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1821 |
- |
Synthetic Resin and Synthetic Rubber Manufacturing |
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ISIC Rev 4 Codes: |
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2011 |
- |
Manufacture of basic chemicals |
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2030 |
- |
Manufacture of man-made fibres |
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2013 |
- |
Manufacture of plastics and synthetic rubber in primary forms |
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NACE Rev 2 Codes: |
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2014 |
- |
Manufacture of other organic basic chemicals |
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2060 |
- |
Manufacture of man-made fibres |
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2016 |
- |
Manufacture of plastics in primary forms |
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NAICS 2012 Codes: |
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32511 |
- |
Petrochemical Manufacturing |
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325211 |
- |
Plastics Material and Resin Manufacturing |
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325220 |
- |
Artificial and Synthetic Fibers and Filaments Manufacturing |
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US SIC 1987: |
||
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2865 |
- |
Cyclic Organic Crudes and Intermediates, and organic Dyes and Pigments |
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2821 |
- |
Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers |
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2824 |
- |
Manmade Organic Fibers, Except Cellulosic |
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UK SIC 2007: |
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2014 |
- |
Manufacture of other organic basic chemicals |
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2060 |
- |
Manufacture of man-made fibres |
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2016 |
- |
Manufacture of plastics in primary forms |
UPC TECHNOLOGY CORPORATION is principally engaged in the manufacture and distribution of chemical products. The Company’s products include phthalic anhydride (PA), plasticizers, maleic anhydride (MA), diisononyl phthalate (DINP), diisodecyl phthalate (DIDP), fumaric acid (FA), unsaturated polyester resin (UPR), polyethylene, polyols, epoxy resins and stabilizers, among others. Its products are mainly applied in the manufacture of resins, paints, pigments, inks, feedstuff additives, lubricants, synthetic rubber products and cosmetics, among others. The Company distributes its products within domestic market and to overseas markets. For the six months ended 30 June 2013, UPC Technology Corporation revenues increased 4% to NT$25.22B. Net income decreased 65% to NT$157.6M. Revenues reflect Other Operating Revenue increase of 27% to NT$102M. Net income was offset by Interest Income decrease of 27% to NT$125.7M (income), Miscellaneous Disbursements increase of 74% to NT$47.4M (expense), G/L on Equity Investment decrease from NT$2.7M (income) to NT$7.8M (expense).
More Business Descriptions
|
Production of plasticizers and phthalic anyhdride and maleic anyhdride |
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|
UPC Technology Corporation (UPC) is a chemical company, based in
Taiwan. The company manufactures and supplies specialty chemicals such as
unsaturated polyester resins and intermediates of surfactants. Its products
include acid and anhydride, plasticizer, specialty plasticizer, UPR, polyol,
fatty ester, epoxy resin and other specialty chemicals. UPC provides
logistics services and business services. The company’s electronic
chemicals are used in the production of ICs, motherboards, LCDs, barebones
and computer systems. It provides application research and new product
development supported by after sale services. It operates in China and Hong
Kong. UPC is headquartered in Taipei, Taiwan.The company reported revenues of
(Taiwanese Dollars) TWD 49,537.02 million during the fiscal year ended
December 2012, an increase of 22.40% over 2011. The operating profit of the
company was TWD 1,188.82 million during the fiscal year 2012, an increase of
165.70% over 2011. The net profit of the company was TWD 1,209.27 million
during the fiscal year 2012, an increase of 14.82% over 2011. |
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All Other Chemical Product and Preparation Manufacturing |
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Quote Symbol: |
1313 |
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Exchange: |
Taiwan Stock Exchange |
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Currency: |
TWD |
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Stock Price: |
14.2 |
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Stock Price Date: |
11-01-2013 |
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52 Week Price Change %: |
-5.1 |
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Market Value (mil): |
16,351,530.0 |
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SEDOL: |
6918657 |
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ISIN: |
TW0001313005 |
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Equity
and Dept Distribution: |
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8/2005, 4.01% stock dividend. 7/2003, 2% stock dividend. 7/2001, 3%
stock dividend. 08/2006, 2.030% stock dividend. 08/2007, 6% stock dividend.
7/2008, 4% stock dividend. FY'08 I/S & C/F are reclassified, B/S is
restated. FY'09 Q1 B/S restated, I/S is reclassified. 08/2010, 1.9987100%
Stock dividend. 08/12,Stock Dividend(factor:1.04991) |
|
|
Company |
Percentage
Owned |
Country |
|
Modern Vantage Limited |
100% |
BRITISH VIRGIN ISLANDS |
|
Guangdong Union Logistics Company Limited |
100% |
PEOPLE'S REPUBLIC OF CHINA |
|
Jiangsn Union Logistics Company Limited |
100% |
PEOPLE'S REPUBLIC OF CHINA |
|
Taizhou Union Chemical Industry Co Ltd |
100% |
PEOPLE'S REPUBLIC OF CHINA |
|
Taizhou Union Logistics Co Ltd |
66% |
PEOPLE'S REPUBLIC OF CHINA |
|
Taizhou Union Plastics Industry Co Ltd |
100% |
PEOPLE'S REPUBLIC OF CHINA |
|
Zhenjiang Union Chemical Industry Co Ltd |
100% |
PEOPLE'S REPUBLIC OF CHINA |
|
Zhong Shan Union Trading Co Ltd |
100% |
PEOPLE'S REPUBLIC OF CHINA |
|
Zhongshan Unicizers Industrial Co Ltd |
100% |
PEOPLE'S REPUBLIC OF CHINA |
|
Inno Strategy |
100% |
BRITISH VIRGIN ISLANDS |
|
Linkhope Enterprises Limited |
100% |
BRITISH VIRGIN ISLANDS |
|
Logical Path Limited |
100% |
HONG KONG SAR |
|
Unicizers Macau Co Ltd |
100% |
HONG KONG SAR |
|
Charmon International Limited |
100% |
BRITISH VIRGIN ISLANDS |
|
Constant Holdings Ltd |
100% |
BRITISH VIRGIN ISLANDS |
|
Glory Ace International Inc |
100% |
BRITISH VIRGIN ISLANDS |
|
Union Hong Kong Petrochemical Co Ltd |
100% |
HONG KONG SAR |
|
Pure Fantasy Ltd |
100% |
BRITISH VIRGIN ISLANDS |
|
Star Bright Traders Ltd |
100% |
BRITISH VIRGIN ISLANDS |
|
Goldendust Co Ltd |
100% |
BRITISH VIRGIN ISLANDS |
|
Natural Holdings Co Ltd |
100% |
BRITISH VIRGIN ISLANDS |
|
Auditor: |
Deloitte & Touche LLP |
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|
|
|
Auditor: |
Deloitte & Touche, Deloitte & Touche LLP |
Competitors
Report
|
CompanyName |
Location |
Employees |
Ownership |
|
Chemspec International Limited |
Shanghai, China |
1,794 |
Public |
|
Huikwang Corp |
Tainan, Taiwan |
310 |
Public |
|
Lianhe Chemical Technology Co., Ltd. |
Taizhou, China |
4,123 |
Public |
|
Searainbow Holding Corp. |
Haikou, China |
452 |
Public |
Executives Report
Board of Directors
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Chairman of the Board, Chief Executive Officer |
Chairman |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Executives
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Chairman of the Board, Chief Executive Officer |
Chief Executive Officer |
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General Manager, Director |
Division Head Executive |
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General Manager |
Division Head Executive |
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Deputy General Manager |
Division Head Executive |
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Chief Financial Officer, Deputy General Manager |
Division Head Executive |
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Deputy General Manager |
Division Head Executive |
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Deputy General Manager |
Division Head Executive |
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Chairman |
Senior Management (General) |
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Manager |
Other |
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Manager |
Other |
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UPC Technology Corp Announces Cooperation with BASF PETRONAS CHEMICALS SDN. BHD Sep 10, 2013
|
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UPC Technology Corp Adjusts FY 2012 Dividend Payment Aug 12, 2013
|
|
UPC Technology Corp Receives Fines Aug 09, 2013
|
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UPC Technology Corp Announces FY 2012 Dividend Payment Date Jul 30, 2013
|
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UPC Technology Corp Announces FY 2012 Dividend Payment Mar 27, 2013
|
News
|
RESEARCH
AND MARKETS : Phthalic Anhydride Market - Global Industry Analysis, Size,
Share, Growth, Trends and Forecast 2013 - 2019 |
31-Oct-2013 |
|
Research and
Markets (1902 Words) |
31-Oct-2013 |
|
SBWire (483 Words) |
23-Oct-2013 |
|
MyNewsDesk (406 Words) |
22-Oct-2013 |
|
New UPC
technology facilitates transition to 1Gbps Wi-Fi data transfer rates |
19-Aug-2013 |
|
UPC Technology Corp Receives Fines Reuters (56 Words) |
09-Aug-2013 |
|
CNA: Source Of Banned Industrial Starch In Food Found World News Connection (436 Words) |
25-May-2013 |
|
Source of banned industrial starch in food found Focus Taiwan (325 Words) |
25-May-2013 |
|
Waters Corporation at Robert W Baird and Co Growth Stock Conference - Final FD (Fair
Disclosure) Wire (4923
Words) |
21-May-2013 |
|
Coatings World (151 Words) |
01-Dec-2012 |
|
Momentive Breaks Ground on China Joint Venture Adhesives &
Sealants Industry (20
Words) |
14-Nov-2012 |
Annual Income
Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Gross Revenue |
1,669.1 |
1,371.8 |
1,152.7 |
785.7 |
907.2 |
|
Sales Returns and Allowances |
-0.2 |
-0.3 |
-0.1 |
-1.0 |
-0.4 |
|
Revenue |
1,669.0 |
1,371.4 |
1,152.6 |
784.7 |
906.8 |
|
Other Revenue |
5.7 |
5.6 |
5.7 |
- |
- |
|
Other Revenue, Total |
5.7 |
5.6 |
5.7 |
- |
- |
|
Total Revenue |
1,674.7 |
1,377.1 |
1,158.3 |
784.7 |
906.8 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,577.9 |
1,316.0 |
1,032.5 |
707.0 |
932.9 |
|
Cost of Revenue, Total |
1,577.9 |
1,316.0 |
1,032.5 |
707.0 |
932.9 |
|
Gross Profit |
91.1 |
55.4 |
120.2 |
77.7 |
-26.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
55.8 |
44.2 |
37.1 |
29.6 |
31.2 |
|
Total Selling/General/Administrative Expenses |
55.8 |
44.2 |
37.1 |
29.6 |
31.2 |
|
Impairment-Assets Held for Use |
0.9 |
1.6 |
- |
- |
- |
|
Unusual Expense (Income) |
0.9 |
1.6 |
- |
- |
- |
|
Total Operating Expense |
1,634.5 |
1,361.8 |
1,069.6 |
736.6 |
964.2 |
|
|
|
|
|
|
|
|
Operating Income |
40.2 |
15.2 |
88.7 |
48.1 |
-57.4 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-12.4 |
-7.8 |
-4.1 |
-4.5 |
-9.7 |
|
Interest Expense, Net
Non-Operating |
-12.4 |
-7.8 |
-4.1 |
-4.5 |
-9.7 |
|
Interest
Income - Non-Operating |
11.0 |
7.9 |
4.0 |
2.3 |
3.7 |
|
Investment
Income - Non-Operating |
9.7 |
26.5 |
15.4 |
5.2 |
17.8 |
|
Interest/Investment Income -
Non-Operating |
20.8 |
34.4 |
19.4 |
7.6 |
21.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
8.4 |
26.7 |
15.3 |
3.1 |
11.7 |
|
Gain (Loss) on Sale of Assets |
-0.1 |
-0.3 |
-0.3 |
-0.7 |
0.1 |
|
Other Non-Operating Income
(Expense) |
3.6 |
2.5 |
2.6 |
2.0 |
6.1 |
|
Other, Net |
3.6 |
2.5 |
2.6 |
2.0 |
6.1 |
|
Income Before Tax |
52.1 |
44.1 |
106.3 |
52.4 |
-39.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
11.6 |
8.4 |
20.8 |
8.8 |
-42.0 |
|
Income After Tax |
40.6 |
35.8 |
85.5 |
43.6 |
2.5 |
|
|
|
|
|
|
|
|
Minority Interest |
0.3 |
0.1 |
0.0 |
0.0 |
-1.0 |
|
Net Income Before Extraord Items |
40.9 |
35.8 |
85.5 |
43.6 |
1.6 |
|
Net Income |
40.9 |
35.8 |
85.5 |
43.6 |
1.6 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
40.9 |
35.8 |
85.5 |
43.6 |
1.6 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
40.9 |
35.8 |
85.5 |
43.6 |
1.6 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,138.8 |
1,125.1 |
1,084.1 |
905.4 |
897.6 |
|
Basic EPS Excl Extraord Items |
0.04 |
0.03 |
0.08 |
0.05 |
0.00 |
|
Basic/Primary EPS Incl Extraord Items |
0.04 |
0.03 |
0.08 |
0.05 |
0.00 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
- |
0.0 |
|
Diluted Net Income |
40.9 |
35.8 |
85.5 |
43.6 |
1.6 |
|
Diluted Weighted Average Shares |
1,158.4 |
1,158.7 |
1,117.6 |
924.7 |
912.3 |
|
Diluted EPS Excl Extraord Items |
0.04 |
0.03 |
0.08 |
0.05 |
0.00 |
|
Diluted EPS Incl Extraord Items |
0.04 |
0.03 |
0.08 |
0.05 |
0.00 |
|
Dividends per Share - Common Stock Primary Issue |
0.03 |
0.02 |
0.06 |
0.02 |
0.01 |
|
Gross Dividends - Common Stock |
30.4 |
18.1 |
66.4 |
24.2 |
5.2 |
|
Interest Expense, Supplemental |
12.4 |
7.8 |
4.1 |
4.5 |
9.7 |
|
Interest Capitalized, Supplemental |
-0.2 |
-0.3 |
- |
- |
- |
|
Depreciation, Supplemental |
35.7 |
26.5 |
21.1 |
19.7 |
18.5 |
|
Total Special Items |
0.9 |
1.8 |
0.3 |
0.7 |
-0.1 |
|
Normalized Income Before Tax |
53.1 |
46.0 |
106.6 |
53.1 |
-39.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.2 |
0.3 |
0.1 |
0.1 |
-0.1 |
|
Inc Tax Ex Impact of Sp Items |
11.8 |
8.7 |
20.9 |
8.9 |
-42.0 |
|
Normalized Income After Tax |
41.3 |
37.3 |
85.7 |
44.2 |
2.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
41.6 |
37.3 |
85.8 |
44.2 |
1.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.04 |
0.03 |
0.08 |
0.05 |
0.00 |
|
Diluted Normalized EPS |
0.04 |
0.03 |
0.08 |
0.05 |
0.00 |
|
Amort of Intangibles, Supplemental |
3.8 |
3.2 |
2.7 |
3.2 |
3.9 |
|
Normalized EBIT |
41.1 |
16.8 |
88.7 |
48.1 |
-57.4 |
|
Normalized EBITDA |
80.6 |
46.5 |
112.5 |
71.0 |
-35.0 |
|
Current Tax - Total |
10.7 |
10.9 |
- |
2.1 |
2.4 |
|
Current Tax - Total |
10.7 |
10.9 |
- |
2.1 |
2.4 |
|
Deferred Tax - Total |
0.3 |
-2.6 |
- |
6.8 |
-43.6 |
|
Deferred Tax - Total |
0.3 |
-2.6 |
- |
6.8 |
-43.6 |
|
Other Tax |
0.6 |
0.0 |
- |
-0.1 |
-0.7 |
|
Income Tax - Total |
11.6 |
8.4 |
- |
8.8 |
-42.0 |
|
Interest Cost - Domestic |
0.4 |
0.4 |
0.5 |
0.6 |
0.5 |
|
Service Cost - Domestic |
0.2 |
0.3 |
0.4 |
0.4 |
0.6 |
|
Expected Return on Assets - Domestic |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Other Pension, Net - Domestic |
0.0 |
0.0 |
0.1 |
0.1 |
0.2 |
|
Domestic Pension Plan Expense |
0.5 |
0.6 |
0.9 |
1.1 |
1.2 |
|
Defined Contribution Expense - Domestic |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Defined Contribution Expense - Foreign |
1.0 |
0.8 |
0.6 |
0.4 |
0.4 |
|
Total Pension Expense |
1.7 |
1.5 |
1.6 |
1.6 |
1.7 |
|
Discount Rate - Domestic |
1.88% |
2.00% |
2.25% |
2.75% |
3.00% |
|
Expected Rate of Return - Domestic |
1.88% |
2.00% |
2.25% |
2.75% |
3.00% |
|
Compensation Rate - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Total Plan Interest Cost |
0.4 |
0.4 |
0.5 |
0.6 |
0.5 |
|
Total Plan Service Cost |
0.2 |
0.3 |
0.4 |
0.4 |
0.6 |
|
Total Plan Expected Return |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Total Plan Other Expense |
0.0 |
0.0 |
0.1 |
0.1 |
0.2 |
Annual Balance
Sheet
Financials in: USD (mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
388.8 |
294.6 |
301.6 |
223.9 |
185.0 |
|
Short Term Investments |
34.4 |
31.9 |
43.2 |
34.4 |
18.3 |
|
Cash and Short Term Investments |
423.2 |
326.4 |
344.8 |
258.3 |
203.3 |
|
Accounts
Receivable - Trade, Gross |
107.1 |
99.0 |
98.1 |
79.5 |
53.2 |
|
Provision
for Doubtful Accounts |
-1.2 |
-2.1 |
-2.6 |
-2.1 |
-2.0 |
|
Trade Accounts Receivable - Net |
106.0 |
96.9 |
95.5 |
77.4 |
51.2 |
|
Notes Receivable - Short Term |
10.2 |
6.2 |
13.6 |
5.2 |
3.7 |
|
Other Receivables |
5.6 |
6.7 |
3.2 |
2.8 |
9.2 |
|
Total Receivables, Net |
121.8 |
109.8 |
112.3 |
85.3 |
64.0 |
|
Inventories - Finished Goods |
109.3 |
72.8 |
76.2 |
44.3 |
56.7 |
|
Inventories - Work In Progress |
22.3 |
22.3 |
21.5 |
12.2 |
10.3 |
|
Inventories - Raw Materials |
87.5 |
87.6 |
81.2 |
89.8 |
66.6 |
|
Inventories - Other |
56.3 |
41.5 |
38.6 |
-1.6 |
-26.7 |
|
Total Inventory |
275.3 |
224.1 |
217.5 |
144.7 |
106.9 |
|
Prepaid Expenses |
44.6 |
44.3 |
31.3 |
13.5 |
13.0 |
|
Restricted Cash - Current |
49.7 |
72.2 |
64.8 |
11.3 |
27.3 |
|
Deferred Income Tax - Current
Asset |
3.2 |
3.5 |
- |
2.3 |
5.6 |
|
Other Current Assets |
- |
- |
- |
0.0 |
0.0 |
|
Other Current Assets, Total |
52.9 |
75.7 |
64.8 |
13.6 |
32.9 |
|
Total Current Assets |
917.9 |
780.3 |
770.8 |
515.4 |
420.1 |
|
|
|
|
|
|
|
|
Buildings |
120.8 |
102.0 |
85.0 |
71.4 |
61.8 |
|
Land/Improvements |
23.6 |
22.6 |
23.5 |
21.4 |
20.9 |
|
Machinery/Equipment |
414.2 |
389.7 |
339.7 |
276.7 |
261.3 |
|
Construction
in Progress |
36.3 |
43.7 |
56.7 |
24.2 |
15.8 |
|
Other
Property/Plant/Equipment |
15.2 |
14.6 |
15.1 |
13.8 |
13.5 |
|
Property/Plant/Equipment - Gross |
610.1 |
572.7 |
520.0 |
407.5 |
373.3 |
|
Accumulated Depreciation |
-244.7 |
-209.4 |
-220.6 |
-186.8 |
-167.5 |
|
Property/Plant/Equipment - Net |
365.4 |
363.2 |
299.4 |
220.7 |
205.8 |
|
Intangibles, Net |
35.7 |
19.4 |
15.9 |
12.0 |
11.5 |
|
LT Investment - Affiliate
Companies |
7.3 |
1.0 |
1.4 |
143.3 |
130.5 |
|
LT Investments - Other |
121.7 |
110.7 |
155.6 |
19.6 |
18.0 |
|
Long Term Investments |
129.0 |
111.7 |
157.0 |
162.9 |
148.5 |
|
Deferred Charges |
3.4 |
6.2 |
5.1 |
4.0 |
4.0 |
|
Pension Benefits - Overfunded |
- |
- |
- |
0.1 |
0.0 |
|
Deferred Income Tax - Long Term
Asset |
3.7 |
3.2 |
3.7 |
2.5 |
6.0 |
|
Other Long Term Assets |
3.5 |
0.8 |
0.6 |
2.7 |
3.9 |
|
Other Long Term Assets, Total |
10.5 |
10.2 |
9.4 |
9.3 |
14.0 |
|
Total Assets |
1,458.5 |
1,284.9 |
1,252.4 |
920.3 |
799.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
125.5 |
113.4 |
110.7 |
90.2 |
44.9 |
|
Accrued Expenses |
18.9 |
17.0 |
17.2 |
17.5 |
13.3 |
|
Notes Payable/Short Term Debt |
451.2 |
412.9 |
285.1 |
134.0 |
96.3 |
|
Current Portion - Long Term Debt/Capital Leases |
23.0 |
40.0 |
39.5 |
32.2 |
78.4 |
|
Customer Advances |
7.5 |
6.5 |
4.4 |
2.5 |
0.4 |
|
Income Taxes Payable |
2.4 |
3.8 |
8.3 |
0.4 |
0.9 |
|
Other Payables |
9.2 |
11.8 |
9.1 |
6.2 |
4.9 |
|
Other Current Liabilities |
0.1 |
0.1 |
2.4 |
0.8 |
0.4 |
|
Other Current liabilities, Total |
19.1 |
22.2 |
24.3 |
9.9 |
6.7 |
|
Total Current Liabilities |
637.7 |
605.5 |
476.6 |
283.8 |
239.6 |
|
|
|
|
|
|
|
|
Long Term Debt |
184.3 |
89.0 |
117.7 |
144.4 |
132.5 |
|
Total Long Term Debt |
184.3 |
89.0 |
117.7 |
144.4 |
132.5 |
|
Total Debt |
658.5 |
541.9 |
442.2 |
310.6 |
307.2 |
|
|
|
|
|
|
|
|
Minority Interest |
1.6 |
1.9 |
1.9 |
0.4 |
7.2 |
|
Reserves |
3.4 |
3.3 |
3.4 |
3.1 |
3.0 |
|
Pension Benefits - Underfunded |
11.1 |
10.3 |
10.2 |
8.9 |
13.5 |
|
Other Long Term Liabilities |
0.1 |
0.8 |
0.9 |
0.9 |
1.1 |
|
Other Liabilities, Total |
14.6 |
14.4 |
14.5 |
13.0 |
17.7 |
|
Total Liabilities |
838.2 |
710.8 |
610.7 |
441.6 |
396.9 |
|
|
|
|
|
|
|
|
Common Stock |
388.3 |
349.4 |
353.7 |
265.1 |
256.1 |
|
Common Stock |
388.3 |
349.4 |
353.7 |
265.1 |
256.1 |
|
Additional Paid-In Capital |
39.7 |
38.1 |
38.2 |
14.3 |
11.9 |
|
Retained Earnings (Accumulated Deficit) |
177.3 |
165.0 |
207.0 |
136.0 |
94.4 |
|
Treasury Stock - Common |
-3.3 |
-3.2 |
- |
-4.6 |
-8.4 |
|
Unrealized Gain (Loss) |
-1.9 |
-12.6 |
34.7 |
34.2 |
8.9 |
|
Translation Adjustment |
19.6 |
36.5 |
5.0 |
32.5 |
40.0 |
|
Other Equity |
0.8 |
0.8 |
3.1 |
1.6 |
0.0 |
|
Minimum Pension Liability
Adjustment |
0.0 |
0.0 |
0.0 |
-0.3 |
0.0 |
|
Other Equity, Total |
20.3 |
37.3 |
8.1 |
33.8 |
40.0 |
|
Total Equity |
620.3 |
574.1 |
641.6 |
478.7 |
402.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,458.5 |
1,284.9 |
1,252.4 |
920.3 |
799.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
1,142.0 |
1,125.5 |
1,104.3 |
913.4 |
894.1 |
|
Total Common Shares Outstanding |
1,142.0 |
1,125.5 |
1,104.3 |
913.4 |
894.1 |
|
Treasury Shares - Common Stock Primary Issue |
7.0 |
7.4 |
0.0 |
12.9 |
23.8 |
|
Employees |
1,381 |
1,334 |
1,223 |
1,126 |
1,061 |
|
Number of Common Shareholders |
47,756 |
49,498 |
49,211 |
51,420 |
53,568 |
|
Deferred Revenue - Current |
7.5 |
6.5 |
4.4 |
2.5 |
0.4 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
32.2 |
- |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
32.2 |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
- |
0.0 |
- |
|
Total Operating Leases, Supplemental |
0.1 |
0.3 |
0.7 |
0.3 |
- |
|
Operating Lease Payments Due in Year 1 |
0.1 |
0.3 |
0.3 |
0.3 |
- |
|
Operating Lease Payments Due in Year 2 |
- |
0.1 |
0.3 |
0.1 |
- |
|
Operating Lease Payments Due in Year 3 |
- |
- |
0.1 |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
0.1 |
0.4 |
0.1 |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Pension Obligation - Domestic |
20.1 |
18.0 |
20.0 |
21.0 |
19.6 |
|
Plan Assets - Domestic |
8.8 |
8.3 |
9.5 |
8.7 |
3.3 |
|
Funded Status - Domestic |
-11.3 |
-9.7 |
-10.5 |
-12.3 |
-16.4 |
|
Accumulated Obligation - Domestic |
16.4 |
14.4 |
17.1 |
17.7 |
16.3 |
|
Total Funded Status |
-11.3 |
-9.7 |
-10.5 |
-12.3 |
-16.4 |
|
Discount Rate - Domestic |
1.88% |
2.00% |
2.25% |
2.75% |
3.00% |
|
Expected Rate of Return - Domestic |
1.88% |
2.00% |
2.25% |
2.75% |
3.00% |
|
Compensation Rate - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Prepaid Benefits - Domestic |
- |
- |
- |
0.1 |
- |
|
Accrued Liabilities - Domestic |
-11.1 |
-10.3 |
-10.2 |
-8.9 |
-13.5 |
|
Net Assets Recognized on Balance Sheet |
-11.1 |
-10.3 |
-10.2 |
-8.8 |
-13.5 |
|
Total Plan Obligations |
20.1 |
18.0 |
20.0 |
21.0 |
19.6 |
|
Total Plan Assets |
8.8 |
8.3 |
9.5 |
8.7 |
3.3 |
Annual Cash
Flows
Financials in: USD (mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
40.9 |
35.8 |
85.5 |
43.6 |
1.6 |
|
Depreciation |
35.7 |
26.5 |
21.1 |
19.7 |
18.5 |
|
Depreciation/Depletion |
35.7 |
26.5 |
21.1 |
19.7 |
18.5 |
|
Amortization of Intangibles |
3.8 |
3.2 |
2.7 |
3.2 |
3.9 |
|
Amortization |
3.8 |
3.2 |
2.7 |
3.2 |
3.9 |
|
Deferred Taxes |
0.5 |
-2.9 |
2.0 |
6.9 |
-43.6 |
|
Unusual Items |
-2.3 |
-2.3 |
-3.8 |
2.2 |
5.6 |
|
Equity in Net Earnings (Loss) |
-0.1 |
-0.2 |
1.8 |
-4.5 |
-1.1 |
|
Other Non-Cash Items |
-1.9 |
6.0 |
4.9 |
-22.6 |
28.2 |
|
Non-Cash Items |
-4.3 |
3.5 |
2.9 |
-24.9 |
32.7 |
|
Accounts Receivable |
-7.0 |
-1.3 |
-17.7 |
-19.1 |
69.2 |
|
Inventories |
-45.9 |
-5.8 |
-64.2 |
-11.6 |
19.1 |
|
Prepaid Expenses |
2.1 |
-14.5 |
-15.3 |
-0.2 |
-5.6 |
|
Other Assets |
- |
- |
0.1 |
0.0 |
0.1 |
|
Accounts Payable |
6.5 |
5.8 |
12.5 |
42.6 |
-19.4 |
|
Accrued Expenses |
1.1 |
0.5 |
-1.9 |
3.7 |
0.2 |
|
Taxes Payable |
-1.6 |
-4.2 |
7.2 |
-0.5 |
-2.6 |
|
Other Liabilities |
5.8 |
3.1 |
5.3 |
-3.4 |
0.8 |
|
Changes in Working Capital |
-38.9 |
-16.4 |
-73.9 |
11.7 |
61.8 |
|
Cash from Operating Activities |
37.7 |
49.6 |
40.2 |
60.2 |
74.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-37.5 |
-75.4 |
-89.4 |
-34.4 |
-31.1 |
|
Purchase/Acquisition of
Intangibles |
-17.0 |
-3.2 |
-3.5 |
-0.7 |
-3.1 |
|
Capital Expenditures |
-54.5 |
-78.6 |
-92.9 |
-35.1 |
-34.2 |
|
Sale of Fixed Assets |
0.0 |
0.2 |
1.1 |
1.8 |
1.2 |
|
Sale/Maturity of Investment |
6.6 |
6.1 |
14.1 |
2.5 |
3.1 |
|
Purchase of Investments |
-7.1 |
-2.2 |
-3.7 |
-1.9 |
-4.5 |
|
Other Investing Cash Flow |
22.2 |
-11.2 |
-47.8 |
14.6 |
-32.0 |
|
Other Investing Cash Flow Items, Total |
21.7 |
-7.1 |
-36.3 |
17.0 |
-32.3 |
|
Cash from Investing Activities |
-32.8 |
-85.7 |
-129.2 |
-18.0 |
-66.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.7 |
-0.1 |
0.0 |
-6.7 |
0.7 |
|
Financing Cash Flow Items |
-0.7 |
-0.1 |
0.0 |
-6.7 |
0.7 |
|
Cash Dividends Paid - Common |
-18.0 |
-71.1 |
-25.3 |
-5.0 |
-25.0 |
|
Total Cash Dividends Paid |
-18.0 |
-71.1 |
-25.3 |
-5.0 |
-25.0 |
|
Sale/Issuance
of Common |
- |
0.0 |
68.2 |
2.9 |
0.4 |
|
Repurchase/Retirement
of Common |
0.0 |
-3.3 |
- |
- |
- |
|
Common Stock, Net |
0.0 |
-3.3 |
68.2 |
2.9 |
0.4 |
|
Options Exercised |
- |
- |
5.5 |
- |
- |
|
Warrants Converted |
4.8 |
7.3 |
- |
4.0 |
0.3 |
|
Issuance (Retirement) of Stock, Net |
4.8 |
4.0 |
73.7 |
6.9 |
0.6 |
|
Short Term
Debt Issued |
47.2 |
140.5 |
132.3 |
39.9 |
67.2 |
|
Short Term
Debt Reduction |
-32.1 |
- |
-6.6 |
-5.1 |
-2.7 |
|
Short Term Debt, Net |
15.1 |
140.5 |
125.7 |
34.8 |
64.5 |
|
Long Term
Debt Issued |
190.0 |
13.6 |
32.9 |
84.7 |
102.5 |
|
Long Term
Debt Reduction |
-119.3 |
-39.7 |
-57.8 |
-120.9 |
-81.3 |
|
Long Term Debt, Net |
70.7 |
-26.1 |
-24.9 |
-36.2 |
21.2 |
|
Issuance (Retirement) of Debt, Net |
85.8 |
114.4 |
100.9 |
-1.5 |
85.7 |
|
Cash from Financing Activities |
71.9 |
47.2 |
149.2 |
-6.3 |
62.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
3.1 |
-6.9 |
-8.5 |
-2.9 |
-6.1 |
|
Net Change in Cash |
79.8 |
4.3 |
51.8 |
33.0 |
64.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
301.5 |
299.2 |
227.4 |
183.9 |
128.3 |
|
Net Cash - Ending Balance |
381.4 |
303.5 |
279.2 |
216.9 |
192.5 |
|
Cash Interest Paid |
12.4 |
6.9 |
4.1 |
4.6 |
9.8 |
|
Cash Taxes Paid |
12.7 |
15.5 |
11.6 |
2.5 |
4.3 |
Annual Income
Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Gross Sales |
1,669.1 |
1,371.8 |
1,152.7 |
785.7 |
907.2 |
|
Other Operating Revenue |
5.7 |
5.6 |
5.7 |
- |
- |
|
Sales Returns & Discounts |
-0.2 |
-0.3 |
-0.1 |
-1.0 |
-0.4 |
|
Total Revenue |
1,674.7 |
1,377.1 |
1,158.3 |
784.7 |
906.8 |
|
|
|
|
|
|
|
|
Cost of Sales |
1,574.4 |
1,312.0 |
1,029.1 |
707.0 |
932.9 |
|
Other Operating Costs |
3.5 |
4.0 |
3.4 |
- |
- |
|
Selling Expenses |
25.8 |
18.7 |
17.0 |
14.7 |
16.9 |
|
General and Administrative
Expenses |
30.0 |
25.5 |
20.1 |
14.9 |
14.4 |
|
Impairment Loss |
0.9 |
1.6 |
- |
- |
- |
|
Total Operating Expense |
1,634.5 |
1,361.8 |
1,069.6 |
736.6 |
964.2 |
|
|
|
|
|
|
|
|
Interest Income |
11.0 |
7.9 |
4.0 |
2.3 |
3.7 |
|
Gain/Loss on Sale of Fin. Assets |
3.3 |
4.1 |
6.8 |
-0.1 |
1.4 |
|
Gain on Equity Investment |
0.1 |
0.2 |
0.0 |
4.5 |
1.1 |
|
Dividend Income |
5.1 |
5.8 |
0.7 |
0.7 |
2.4 |
|
Gain/Loss on Sale of Fixed Assets |
-0.1 |
-0.3 |
-0.3 |
-0.7 |
0.1 |
|
Gain on Reversal of Bad Debt |
1.2 |
- |
- |
- |
- |
|
Rent Income |
1.0 |
1.0 |
1.2 |
1.0 |
0.9 |
|
Gain/Loss on Foreign Exchange |
1.3 |
16.4 |
9.7 |
0.1 |
12.9 |
|
Miscellaneous Income |
3.7 |
3.9 |
2.7 |
2.9 |
6.6 |
|
Interest Expense |
-12.4 |
-7.8 |
-4.1 |
-4.5 |
-9.7 |
|
Loss on Equity Investment |
- |
0.0 |
-1.8 |
0.0 |
- |
|
Miscellaneous Disbursements |
-2.3 |
-2.4 |
-1.4 |
-1.9 |
-1.4 |
|
Net Income Before Taxes |
52.1 |
44.1 |
106.3 |
52.4 |
-39.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
11.6 |
8.4 |
20.8 |
8.8 |
-42.0 |
|
Net Income After Taxes |
40.6 |
35.8 |
85.5 |
43.6 |
2.5 |
|
|
|
|
|
|
|
|
Minority Interests |
0.3 |
0.1 |
0.0 |
0.0 |
-1.0 |
|
Net Income Before Extra. Items |
40.9 |
35.8 |
85.5 |
43.6 |
1.6 |
|
Net Income |
40.9 |
35.8 |
85.5 |
43.6 |
1.6 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
40.9 |
35.8 |
85.5 |
43.6 |
1.6 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
40.9 |
35.8 |
85.5 |
43.6 |
1.6 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,138.8 |
1,125.1 |
1,084.1 |
905.4 |
897.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.04 |
0.03 |
0.08 |
0.05 |
0.00 |
|
Basic EPS Including ExtraOrdinary Items |
0.04 |
0.03 |
0.08 |
0.05 |
0.00 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
- |
0.0 |
|
Diluted Net Income |
40.9 |
35.8 |
85.5 |
43.6 |
1.6 |
|
Diluted Weighted Average Shares |
1,158.4 |
1,158.7 |
1,117.6 |
924.7 |
912.3 |
|
Diluted EPS Excluding ExtraOrd Items |
0.04 |
0.03 |
0.08 |
0.05 |
0.00 |
|
Diluted EPS Including ExtraOrd Items |
0.04 |
0.03 |
0.08 |
0.05 |
0.00 |
|
DPS-Ordinary Shares |
0.03 |
0.02 |
0.06 |
0.02 |
0.01 |
|
Gross Dividends - Common Stock |
30.4 |
18.1 |
66.4 |
24.2 |
5.2 |
|
Normalized Income Before Taxes |
53.1 |
46.0 |
106.6 |
53.1 |
-39.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
11.8 |
8.7 |
20.9 |
8.9 |
-42.0 |
|
Normalized Income After Taxes |
41.3 |
37.3 |
85.7 |
44.2 |
2.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
41.6 |
37.3 |
85.8 |
44.2 |
1.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.04 |
0.03 |
0.08 |
0.05 |
0.00 |
|
Diluted Normalized EPS |
0.04 |
0.03 |
0.08 |
0.05 |
0.00 |
|
Interest Expense, Supplemental |
12.4 |
7.8 |
4.1 |
4.5 |
9.7 |
|
Depreciation - Operating Cost |
29.9 |
22.2 |
17.5 |
16.5 |
16.2 |
|
Depreciation - Operating Expense |
5.8 |
4.3 |
3.6 |
3.2 |
2.3 |
|
Amortization - Operating Cost |
3.1 |
2.7 |
2.3 |
2.9 |
3.7 |
|
Amortization - Operating Expense |
0.7 |
0.5 |
0.3 |
0.3 |
0.3 |
|
Interest Capitalized |
-0.2 |
-0.3 |
- |
- |
- |
|
Current Tax Payable |
10.7 |
10.9 |
- |
2.1 |
2.4 |
|
Current Tax - Total |
10.7 |
10.9 |
- |
2.1 |
2.4 |
|
Deferred Tax |
0.3 |
-2.6 |
- |
6.8 |
-43.6 |
|
Deferred Tax - Total |
0.3 |
-2.6 |
- |
6.8 |
-43.6 |
|
Other Tax |
0.6 |
0.0 |
- |
-0.1 |
-0.7 |
|
Income Tax - Total |
11.6 |
8.4 |
- |
8.8 |
-42.0 |
|
Service Cost |
0.2 |
0.3 |
0.4 |
0.4 |
0.6 |
|
Interest Cost |
0.4 |
0.4 |
0.5 |
0.6 |
0.5 |
|
Expected Return on Plan Assets |
-0.2 |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
|
Amortization of Unrecognized Cost |
0.0 |
0.0 |
0.1 |
0.1 |
0.2 |
|
Domestic Pension Plan Expense |
0.5 |
0.6 |
0.9 |
1.1 |
1.2 |
|
Defined Contribution Expense - Domestic |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Defined Contribution Expense - Foreign |
1.0 |
0.8 |
0.6 |
0.4 |
0.4 |
|
Total Pension Expense |
1.7 |
1.5 |
1.6 |
1.6 |
1.7 |
|
Discount Rate |
1.88% |
2.00% |
2.25% |
2.75% |
3.00% |
|
Rate of Compensation Increase |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return on Plan Assets |
1.88% |
2.00% |
2.25% |
2.75% |
3.00% |
Annual Balance
Sheet
Financials in: USD (mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified Normal |
Updated Normal |
Restated Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Auditor |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash and Cash Equivalent |
388.8 |
294.6 |
301.6 |
223.9 |
185.0 |
|
Financial Asset for Trading/Sale |
34.4 |
31.9 |
43.2 |
34.4 |
18.3 |
|
Notes Receivable |
10.2 |
6.2 |
13.6 |
5.2 |
3.7 |
|
Accounts Receivable, Gross |
107.1 |
99.0 |
98.1 |
79.5 |
53.2 |
|
Provision for Doubtful Accounts |
-1.2 |
-2.1 |
-2.6 |
-2.1 |
-2.0 |
|
Other Receivables |
5.4 |
6.5 |
3.1 |
2.0 |
8.9 |
|
Other Receivables - Related
Parties |
0.2 |
0.2 |
0.2 |
0.8 |
0.3 |
|
Merchandise Inventory |
- |
- |
0.0 |
- |
- |
|
Finished Goods |
109.1 |
72.6 |
76.2 |
35.2 |
54.6 |
|
Half-finished Products |
16.2 |
16.1 |
16.8 |
7.6 |
7.4 |
|
Work-in-Process |
6.1 |
6.2 |
4.8 |
4.6 |
2.9 |
|
Raw Material / Supplies |
75.2 |
63.9 |
74.3 |
51.6 |
52.7 |
|
Assistant Materials |
12.3 |
23.7 |
6.9 |
10.6 |
6.5 |
|
Inventory in Transit |
60.1 |
47.7 |
39.8 |
- |
- |
|
Commercial Goods |
0.1 |
0.1 |
- |
9.1 |
2.1 |
|
Materials in Transit |
- |
- |
- |
27.6 |
7.4 |
|
Provision/Allowance for Inventory |
-3.8 |
-6.2 |
-1.2 |
-1.6 |
-26.7 |
|
Prepayment |
44.6 |
44.3 |
31.3 |
13.5 |
13.0 |
|
Deferred Income Tax Assets -
Current |
3.2 |
3.5 |
- |
2.3 |
5.6 |
|
Restricted Assets |
49.7 |
72.2 |
64.8 |
11.3 |
27.3 |
|
Other Current Assets |
- |
- |
- |
0.0 |
0.0 |
|
Total Current Assets |
917.9 |
780.3 |
770.8 |
515.4 |
420.1 |
|
|
|
|
|
|
|
|
Long Term Equity Investment |
7.3 |
1.0 |
1.4 |
143.3 |
130.5 |
|
Fin. Assets for Sale |
102.5 |
90.1 |
130.2 |
2.7 |
1.7 |
|
Financial Asset at Cost |
19.2 |
20.6 |
25.4 |
16.9 |
16.3 |
|
Land and Improvements |
23.6 |
22.6 |
23.5 |
21.4 |
20.9 |
|
Buildings and Structures |
120.8 |
102.0 |
85.0 |
71.4 |
61.8 |
|
Machinery and Equipment |
238.8 |
234.6 |
209.8 |
173.0 |
165.5 |
|
Storage Equipment |
70.5 |
61.0 |
50.9 |
43.5 |
38.6 |
|
Hydropower Equipment |
71.7 |
66.3 |
54.4 |
41.3 |
39.0 |
|
Transportation Equipment |
9.1 |
9.0 |
7.6 |
5.4 |
5.1 |
|
Other Equipment |
24.0 |
18.9 |
17.0 |
13.5 |
13.1 |
|
Assets Revaluation Increment |
15.2 |
14.6 |
15.1 |
13.8 |
13.5 |
|
Accumulated Depreciation |
-244.7 |
-209.4 |
-220.6 |
-186.8 |
-167.5 |
|
Construction in Progress |
33.4 |
39.0 |
54.4 |
17.9 |
- |
|
Prepayment for Equipment |
2.9 |
4.7 |
2.3 |
6.3 |
15.8 |
|
Deferred Pension Cost |
- |
- |
- |
0.1 |
0.0 |
|
Land Use Right |
33.2 |
16.0 |
15.6 |
12.0 |
11.5 |
|
Prepayment for Land Use |
2.2 |
3.1 |
- |
- |
- |
|
Security Deposits Paid |
3.5 |
0.8 |
0.6 |
2.7 |
3.9 |
|
Deferred Charges |
3.4 |
6.2 |
5.1 |
4.0 |
4.0 |
|
Computer Software Cost |
0.2 |
0.4 |
0.3 |
- |
- |
|
Deferred Income Tax |
3.7 |
3.2 |
3.7 |
2.5 |
6.0 |
|
Total Assets |
1,458.5 |
1,284.9 |
1,252.4 |
920.3 |
799.8 |
|
|
|
|
|
|
|
|
Short Term Borrowings |
442.0 |
377.4 |
279.2 |
124.2 |
80.9 |
|
Short Term Notes & Bills
Payable |
0.0 |
31.3 |
3.7 |
9.8 |
14.8 |
|
Derivatives (Financial Liab.) for
Hedge |
- |
- |
- |
0.0 |
0.1 |
|
Notes Payable |
9.2 |
4.2 |
2.2 |
0.0 |
0.7 |
|
Accounts Payable |
125.5 |
113.4 |
110.7 |
90.2 |
44.9 |
|
Income Taxes Payable |
2.4 |
3.8 |
8.3 |
0.4 |
0.9 |
|
Accrued Expenses |
18.9 |
17.0 |
17.2 |
17.5 |
13.3 |
|
Equipment Bill Payables |
7.8 |
10.1 |
6.1 |
5.1 |
3.7 |
|
Other Payables |
1.3 |
1.7 |
3.0 |
1.1 |
1.2 |
|
Advance Receipts |
7.5 |
6.5 |
4.4 |
2.5 |
0.4 |
|
Current Portion of Long Term Debt |
23.0 |
40.0 |
39.5 |
32.2 |
78.4 |
|
Other Current Liabilities |
0.1 |
0.1 |
2.4 |
0.8 |
0.2 |
|
Total Current Liabilities |
637.7 |
605.5 |
476.6 |
283.8 |
239.6 |
|
|
|
|
|
|
|
|
Long Term Borrowings |
184.3 |
89.0 |
117.7 |
144.4 |
117.2 |
|
Corporate Bonds Payable |
- |
- |
- |
0.0 |
15.2 |
|
Total Long Term Debt |
184.3 |
89.0 |
117.7 |
144.4 |
132.5 |
|
|
|
|
|
|
|
|
Land Revaluation Increment Tax
Reserve |
3.4 |
3.3 |
3.4 |
3.1 |
3.0 |
|
Accrued Pension Liabilities |
11.1 |
10.3 |
10.2 |
8.9 |
13.5 |
|
Deposit Received |
0.1 |
0.8 |
0.9 |
0.8 |
0.9 |
|
Deferred Credit - Related |
- |
- |
- |
0.2 |
0.2 |
|
Minority Interest |
1.6 |
1.9 |
1.9 |
0.4 |
7.2 |
|
Total Liabilities |
838.2 |
710.8 |
610.7 |
441.6 |
396.9 |
|
|
|
|
|
|
|
|
Common Stock |
388.3 |
349.4 |
353.7 |
265.1 |
256.1 |
|
Advance Receipt for Common Stock |
0.8 |
0.8 |
3.1 |
1.6 |
0.0 |
|
Share Premium |
34.0 |
30.5 |
29.0 |
10.1 |
9.8 |
|
Capital Gain on Treasury Stocks |
- |
- |
- |
0.0 |
0.3 |
|
Donated Assets |
0.8 |
0.7 |
0.8 |
0.7 |
0.7 |
|
Capital Gain on LT Investments |
0.5 |
0.5 |
0.5 |
0.4 |
0.4 |
|
Employee Option |
4.5 |
6.4 |
7.9 |
3.1 |
0.8 |
|
Legal Reserve |
60.0 |
54.0 |
46.8 |
38.2 |
37.1 |
|
Retained Earnings |
117.3 |
111.0 |
160.1 |
97.8 |
57.3 |
|
Cumulative Translation Adjustment |
19.6 |
36.5 |
5.0 |
32.5 |
40.0 |
|
Unrealized Gain/Loss on Pension
Fund |
0.0 |
0.0 |
0.0 |
-0.3 |
0.0 |
|
Unrealized Fin.Assets Gain/Loss |
-13.7 |
-23.8 |
23.0 |
23.5 |
-1.5 |
|
Unrealized G/L on Land Value
Revaluation |
11.8 |
11.3 |
11.7 |
10.7 |
10.4 |
|
Treasury Stock |
-3.3 |
-3.2 |
- |
-4.6 |
-8.4 |
|
Total Equity |
620.3 |
574.1 |
641.6 |
478.7 |
402.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,458.5 |
1,284.9 |
1,252.4 |
920.3 |
799.8 |
|
|
|
|
|
|
|
|
S/O-Ordinary Shares |
1,142.0 |
1,125.5 |
1,104.3 |
913.4 |
894.1 |
|
Total Common Shares Outstanding |
1,142.0 |
1,125.5 |
1,104.3 |
913.4 |
894.1 |
|
T/S-Ordinary Shares |
7.0 |
7.4 |
0.0 |
12.9 |
23.8 |
|
Deferred Revenue, Current |
7.5 |
6.5 |
4.4 |
2.5 |
0.4 |
|
Full-Time Employees |
1,381 |
1,334 |
1,223 |
1,126 |
1,061 |
|
Number of Common Shareholders |
47,756 |
49,498 |
49,211 |
51,420 |
53,568 |
|
Current maturities |
- |
- |
- |
32.2 |
- |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
32.2 |
- |
|
Operating Lease Pymts. Due within 1Year |
0.1 |
0.3 |
0.3 |
0.3 |
- |
|
Operating Lease Payments Due in Year 2 |
- |
0.1 |
0.3 |
0.1 |
- |
|
Operating Lease Payments Due in Year 3 |
- |
- |
0.1 |
- |
- |
|
Total Operating Leases, Supplemental |
0.1 |
0.3 |
0.7 |
0.3 |
- |
|
Accumulated Benefit Obligation |
16.4 |
14.4 |
17.1 |
17.7 |
16.3 |
|
Benefit Obligation |
20.1 |
18.0 |
20.0 |
21.0 |
19.6 |
|
Fair Value of Plan Assets |
8.8 |
8.3 |
9.5 |
8.7 |
3.3 |
|
Funded Status |
-11.3 |
-9.7 |
-10.5 |
-12.3 |
-16.4 |
|
Total Funded Status |
-11.3 |
-9.7 |
-10.5 |
-12.3 |
-16.4 |
|
Discount Rate |
1.88% |
2.00% |
2.25% |
2.75% |
3.00% |
|
Rate of Compensation Increase |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return on Plan Assets |
1.88% |
2.00% |
2.25% |
2.75% |
3.00% |
|
Deferred Pension Cost |
- |
- |
- |
0.1 |
- |
|
Accrued Pension Liabilities |
-11.1 |
-10.3 |
-10.2 |
-8.9 |
-13.5 |
|
Net Assets Recognized on Balance Sheet |
-11.1 |
-10.3 |
-10.2 |
-8.8 |
-13.5 |
Annual Cash Flows
Financials
in: USD (mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
TWD |
TWD |
TWD |
TWD |
TWD |
|
Exchange Rate (Period
Average) |
29.57962 |
29.39004 |
31.497037 |
33.023867 |
31.543497 |
|
Auditor |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
Deloitte & Touche
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
40.9 |
35.8 |
85.5 |
43.6 |
1.6 |
|
Depreciation |
35.7 |
26.5 |
21.1 |
19.7 |
18.5 |
|
Minority Interest |
-0.3 |
-0.1 |
0.0 |
0.0 |
1.0 |
|
Provision of Bad Debts |
- |
-0.3 |
0.3 |
0.1 |
0.5 |
|
Amortization of Intangibles |
3.8 |
3.2 |
2.7 |
3.2 |
3.9 |
|
Amort. of Employee Option Cost |
0.3 |
0.9 |
4.5 |
2.2 |
0.8 |
|
Reversal of Inventory Devaluation |
-2.4 |
4.9 |
-0.5 |
-25.1 |
- |
|
Prov. for Inventory Devaluation
& Obsole |
- |
- |
- |
- |
25.7 |
|
Gain/Loss on Sale of Fin. Assets |
-3.3 |
-4.1 |
-6.8 |
0.1 |
-1.4 |
|
Net Loss on Disposal of Properties |
0.1 |
0.3 |
0.3 |
0.7 |
-0.1 |
|
Impairment on Financial Assets |
0.9 |
1.6 |
- |
- |
- |
|
Deferred Tax |
0.5 |
-2.9 |
2.0 |
6.9 |
-43.6 |
|
Cash Dividend- Equity Investment |
- |
- |
2.7 |
1.4 |
7.2 |
|
Equity Investment Gain/Loss |
-0.1 |
-0.2 |
1.8 |
-4.5 |
-1.1 |
|
Others |
0.6 |
0.5 |
0.6 |
0.2 |
0.1 |
|
Notes Receivable |
-3.7 |
7.1 |
-7.3 |
-1.4 |
7.1 |
|
Accounts Receivable |
-4.7 |
-4.8 |
-10.2 |
-24.1 |
64.3 |
|
Other Receivables |
1.3 |
-3.6 |
-0.8 |
6.9 |
-2.1 |
|
Other Receivables - Related
Parties |
0.0 |
-0.1 |
0.6 |
-0.5 |
-0.1 |
|
Inventories |
-45.9 |
-5.8 |
-64.2 |
-11.6 |
19.1 |
|
Prepayment |
2.1 |
-14.5 |
-15.3 |
-0.2 |
-5.6 |
|
Other Current Assets |
- |
- |
0.1 |
0.0 |
0.1 |
|
Notes Payable |
4.8 |
2.1 |
2.0 |
-0.7 |
0.7 |
|
Accounts Payable |
7.0 |
7.0 |
10.8 |
42.7 |
-19.4 |
|
Tax Payable |
-1.6 |
-4.2 |
7.2 |
-0.5 |
-2.6 |
|
Accrued Expenses |
1.1 |
0.5 |
-1.9 |
3.7 |
0.2 |
|
Other Payables |
-0.5 |
-1.2 |
1.6 |
-0.1 |
0.0 |
|
Advance Receipts |
0.7 |
2.3 |
1.6 |
1.9 |
-0.4 |
|
Other Current Liabilities |
0.0 |
-1.7 |
0.9 |
0.5 |
-0.7 |
|
Accrued Pension Liabilities |
0.4 |
0.4 |
0.8 |
-5.1 |
1.2 |
|
Cash From Operating Activities |
37.7 |
49.6 |
40.2 |
60.2 |
74.8 |
|
|
|
|
|
|
|
|
Financial Assets for Sale Increase |
-0.4 |
-1.2 |
0.0 |
-0.5 |
-0.1 |
|
Financial Assets for Sale Decrease |
6.4 |
4.1 |
5.9 |
2.4 |
3.1 |
|
Financial Assets Increase - Cost |
-0.5 |
-1.0 |
-3.7 |
-1.4 |
-4.5 |
|
Financial Assets Decrease - Cost |
0.2 |
2.0 |
2.1 |
0.1 |
0.0 |
|
Capital Reduction in Investee
Company |
- |
0.0 |
2.1 |
0.0 |
2.1 |
|
Equity Investment Increase |
-6.2 |
- |
- |
- |
- |
|
Equity Investment Decrease |
- |
0.0 |
6.1 |
- |
- |
|
Capital Expenditure |
-37.5 |
-75.4 |
-89.4 |
-34.4 |
-31.1 |
|
Disposal of Fixed Assets |
0.0 |
0.2 |
1.1 |
1.8 |
1.2 |
|
Land Use Right Increase |
-16.2 |
-3.0 |
-3.5 |
-0.7 |
-3.1 |
|
Prepayment of Land Use Right
Increase |
-0.7 |
- |
- |
- |
- |
|
Security Deposit Paid |
-2.6 |
-0.2 |
2.2 |
1.3 |
-3.3 |
|
Deferred Charges |
-0.7 |
-2.7 |
-3.6 |
-2.8 |
-2.5 |
|
Restricted Assets |
25.2 |
-10.1 |
-48.5 |
16.1 |
-28.4 |
|
Cap. Return of Fin. Assets-Cost
Method |
0.4 |
1.9 |
- |
- |
- |
|
Software Increase |
-0.1 |
-0.2 |
- |
- |
- |
|
Cash From Investing Activities |
-32.8 |
-85.7 |
-129.2 |
-18.0 |
-66.5 |
|
|
|
|
|
|
|
|
Short Term Borrowings Increase |
47.2 |
111.8 |
132.3 |
39.9 |
67.2 |
|
Short Term Notes Increase |
- |
28.7 |
- |
- |
- |
|
Repayment of ST Notes |
-32.1 |
- |
-6.6 |
-5.1 |
-2.7 |
|
Long Term Borrowings Increase |
190.0 |
13.6 |
32.9 |
84.7 |
102.5 |
|
Repayment of LT Borrowings |
-119.3 |
-39.7 |
-57.8 |
-105.8 |
-65.5 |
|
Security Deposit Received |
-0.7 |
-0.1 |
0.0 |
-0.2 |
0.9 |
|
Repayment of Overseas Corporate
Bonds |
- |
- |
0.0 |
-15.1 |
-15.9 |
|
Warrants Excercised |
4.8 |
7.3 |
- |
4.0 |
0.3 |
|
Stock Option Exercised |
- |
- |
5.5 |
- |
- |
|
Shares Issuance from Private
Placement |
- |
0.0 |
63.8 |
- |
- |
|
Cash Capital from Minority
Interests |
- |
- |
- |
0.0 |
0.4 |
|
Cap. Reduction from Subsidiaries |
- |
- |
- |
-6.2 |
- |
|
Repurchase of Minority Interests |
- |
- |
- |
-0.3 |
- |
|
Cash Dividend - Common Stock |
-18.0 |
-71.1 |
-25.3 |
-5.0 |
-25.0 |
|
Directors Remuneration |
- |
- |
- |
0.0 |
-0.3 |
|
Purchase of Treasury Shares |
0.0 |
-3.3 |
- |
- |
- |
|
Disposal of Treasury Share |
- |
0.0 |
4.4 |
2.9 |
0.0 |
|
Cash From Financing Activities |
71.9 |
47.2 |
149.2 |
-6.3 |
62.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
3.1 |
-6.9 |
-8.5 |
-2.9 |
-6.1 |
|
Net Change in Cash |
79.8 |
4.3 |
51.8 |
33.0 |
64.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
301.5 |
299.2 |
227.4 |
183.9 |
128.3 |
|
Net Cash - Ending Balance |
381.4 |
303.5 |
279.2 |
216.9 |
192.5 |
|
Cash Interest Paid |
12.4 |
6.9 |
4.1 |
4.6 |
9.8 |
|
Cash Taxes Paid |
12.7 |
15.5 |
11.6 |
2.5 |
4.3 |
Financial Health
Financials
in: USD (mil)
Except
for share items (millions) and per share items (actual units)
|
Key Indicators USD (mil) |
||||||
|
Quarter |
Quarter |
Annual |
1 Year |
3 Year |
5 Year |
|
|
Total Revenue1 (?) |
462.8 |
11.10% |
1,674.7 |
22.40% |
24.11% |
8.90% |
|
Operating Income1 (?) |
-9.1 |
- |
40.2 |
165.70% |
-9.19% |
-3.23% |
|
Income Available to Common Excl Extraord Items1 (?) |
-0.5 |
- |
40.9 |
14.82% |
-5.64% |
-9.16% |
|
Basic EPS Excl Extraord Items1 (?) |
0.00 |
- |
0.04 |
13.44% |
-12.58% |
-13.33% |
|
Capital Expenditures2 (?) |
23.5 |
43.94% |
54.5 |
-30.18% |
11.67% |
16.05% |
|
Cash from Operating Activities2 (?) |
9.6 |
- |
37.7 |
-23.58% |
-17.54% |
4.60% |
|
Free Cash Flow (?) |
-13.7 |
- |
-17.2 |
- |
- |
- |
|
Total Assets3 (?) |
1,506.2 |
6.78% |
1,458.5 |
8.76% |
12.86% |
10.00% |
|
Total Liabilities3 (?) |
909.4 |
9.01% |
838.2 |
12.99% |
19.85% |
15.41% |
|
Total Long Term Debt3 (?) |
152.6 |
-26.39% |
184.3 |
98.43% |
4.99% |
-2.25% |
|
Employees3 (?) |
- |
- |
1381 |
3.52% |
7.04% |
4.43% |
|
Total Common Shares Outstanding3 (?) |
1,146.6 |
0.77% |
1,142.0 |
1.46% |
7.73% |
5.03% |
|
1-ExchangeRate: TWD to USD Average for Period |
29.875010 |
|
29.579620 |
|
|
|
|
2-ExchangeRate: TWD to USD Average for Period |
29.670357 |
|
29.579620 |
|
|
|
|
3-ExchangeRate: TWD to USD Period End Date |
30.054810 |
|
29.011999 |
|
|
|
|
Utility Industry Specific USD (mil) |
|||||
|
 |
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Deferred Charges3 (?) |
3.4 |
6.2 |
5.1 |
4.0 |
4.0 |
|
3-ExchangeRate: TWD to USD Period End Date |
29.011999 |
30.279000 |
29.156500 |
31.985000 |
32.818000 |
|
Key Ratios |
|||||
|
 |
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Profitability |
|||||
|
Gross Margin (?) |
5.46% |
4.04% |
10.42% |
9.90% |
-2.88% |
|
Operating Margin (?) |
2.40% |
1.11% |
7.66% |
6.13% |
-6.33% |
|
Pretax Margin (?) |
3.11% |
3.20% |
9.18% |
6.68% |
-4.35% |
|
Net Profit Margin (?) |
2.44% |
2.60% |
7.38% |
5.55% |
0.17% |
|
Financial Strength |
|||||
|
Current Ratio (?) |
1.44 |
1.29 |
1.62 |
1.82 |
1.75 |
|
Long Term Debt/Equity (?) |
0.30 |
0.16 |
0.18 |
0.30 |
0.33 |
|
Total Debt/Equity (?) |
1.06 |
0.94 |
0.69 |
0.65 |
0.76 |
|
Management Effectiveness |
|||||
|
Return on Assets (?) |
2.95% |
2.79% |
8.16% |
5.17% |
0.30% |
|
Return on Equity (?) |
6.84% |
5.84% |
15.83% |
10.09% |
0.36% |
|
Efficiency |
|||||
|
Receivables Turnover (?) |
14.45 |
12.27 |
12.15 |
10.73 |
8.86 |
|
Inventory Turnover (?) |
6.32 |
5.89 |
5.93 |
5.74 |
7.15 |
|
Asset Turnover (?) |
1.22 |
1.07 |
1.11 |
0.93 |
1.09 |
|
Market Valuation USD (mil) |
||||
|
P/E (TTM) (?) |
18.14 |
. |
Enterprise Value2 (?) |
735.4 |
|
Price/Sales (TTM) (?) |
0.32 |
. |
Enterprise Value/Revenue (TTM) (?) |
0.44 |
|
Price/Book (MRQ) (?) |
0.90 |
. |
Enterprise Value/EBITDA (TTM) (?) |
13.43 |
|
Market Cap as of 01-Nov-20131 (?) |
555.0 |
. |
||
|
1-ExchangeRate: TWD to USD on 1-Nov-2013 |
29.461395 |
|||
|
2-ExchangeRate: TWD to USD on 30-Jun-2013 |
30.054810 |
|||
Annual Ratios
Financials
in: USD (mil)
Except
for share items (millions) and per share items (actual units)
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Financial Strength |
|||||
|
Current Ratio (?) |
1.44 |
1.29 |
1.62 |
1.82 |
1.75 |
|
Quick/Acid Test Ratio (?) |
0.85 |
0.72 |
0.96 |
1.21 |
1.12 |
|
Working Capital1 (?) |
280.1 |
174.8 |
294.1 |
231.6 |
180.4 |
|
Long Term Debt/Equity (?) |
0.30 |
0.16 |
0.18 |
0.30 |
0.33 |
|
Total Debt/Equity (?) |
1.06 |
0.94 |
0.69 |
0.65 |
0.76 |
|
Long Term Debt/Total Capital (?) |
0.14 |
0.08 |
0.11 |
0.18 |
0.19 |
|
Total Debt/Total Capital (?) |
0.51 |
0.49 |
0.41 |
0.39 |
0.43 |
|
Payout Ratio (?) |
73.86% |
49.88% |
75.17% |
46.04% |
333.52% |
|
Effective Tax Rate (?) |
22.21% |
18.93% |
19.59% |
16.82% |
- |
|
Total Capital1 (?) |
1,278.8 |
1,116.0 |
1,083.9 |
789.3 |
710.1 |
|
|
|
|
|
|
|
|
Efficiency |
|||||
|
Asset Turnover (?) |
1.22 |
1.07 |
1.11 |
0.93 |
1.09 |
|
Inventory Turnover (?) |
6.32 |
5.89 |
5.93 |
5.74 |
7.15 |
|
Days In Inventory (?) |
57.77 |
61.95 |
61.56 |
63.59 |
51.08 |
|
Receivables Turnover (?) |
14.45 |
12.27 |
12.15 |
10.73 |
8.86 |
|
Days Receivables Outstanding (?) |
25.26 |
29.75 |
30.03 |
34.02 |
41.18 |
|
Revenue/Employee2 (?) |
1,236,399 |
1,001,977 |
1,023,145 |
719,537 |
821,444 |
|
Operating Income/Employee2 (?) |
29,672 |
11,077 |
78,372 |
44,078 |
-52,002 |
|
EBITDA/Employee2 (?) |
58,831 |
32,664 |
99,349 |
65,109 |
-31,694 |
|
|
|
|
|
|
|
|
Profitability |
|||||
|
Gross Margin (?) |
5.46% |
4.04% |
10.42% |
9.90% |
-2.88% |
|
Operating Margin (?) |
2.40% |
1.11% |
7.66% |
6.13% |
-6.33% |
|
EBITDA Margin (?) |
4.76% |
3.26% |
9.71% |
9.05% |
-3.86% |
|
EBIT Margin (?) |
2.40% |
1.11% |
7.66% |
6.13% |
-6.33% |
|
Pretax Margin (?) |
3.11% |
3.20% |
9.18% |
6.68% |
-4.35% |
|
Net Profit Margin (?) |
2.44% |
2.60% |
7.38% |
5.55% |
0.17% |
|
COGS/Revenue (?) |
94.22% |
95.57% |
89.14% |
90.10% |
102.88% |
|
SG&A Expense/Revenue (?) |
3.33% |
3.21% |
3.20% |
3.77% |
3.45% |
|
|
|
|
|
|
|
|
Management Effectiveness |
|||||
|
Return on Assets (?) |
2.95% |
2.79% |
8.16% |
5.17% |
0.30% |
|
Return on Equity (?) |
6.84% |
5.84% |
15.83% |
10.09% |
0.36% |
|
|
|
|
|
|
|
|
Valuation |
|||||
|
Free Cash Flow/Share2 (?) |
-0.02 |
-0.02 |
-0.05 |
0.03 |
0.04 |
|
Operating Cash Flow/Share 2 (?) |
0.03 |
0.04 |
0.04 |
0.07 |
0.08 |
|
1-ExchangeRate: TWD to USD Period End Date |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
2-ExchangeRate: TWD to USD Average for Period |
29.011999 |
30.279 |
29.1565 |
31.985 |
32.818 |
|
Current Market Multiples |
|
|
Market Cap/Earnings (TTM) (?) |
18.28 |
|
Market Cap/Equity (MRQ) (?) |
0.91 |
|
Market Cap/Revenue (TTM) (?) |
0.32 |
|
Market Cap/EBIT (TTM) (?) |
38.84 |
|
Market Cap/EBITDA (TTM) (?) |
9.94 |
|
Enterprise Value/Earnings (TTM) (?) |
24.71 |
|
Enterprise Value/Equity (MRQ) (?) |
1.23 |
|
Enterprise Value/Revenue (TTM) (?) |
0.44 |
|
Enterprise Value/EBIT (TTM) (?) |
52.50 |
|
Enterprise Value/EBITDA (TTM) (?) |
13.43 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.